Saudi Fund Is Said to Hire HSBC's Local Head of Asset Management

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(Bloomberg) -- Saudi Arabia’s sovereign wealth fund hired HSBC Holdings Plc’s local head of asset management as a director, according to a person with knowledge of the matter.

Abdulmajeed Alhagbani, who had also been head of buy-side research for HSBC Saudi Arabia, joined the Public Investment Fund earlier this month, said the person, asking not to be identified because the appointment hasn’t been made public. Alhagbani didn’t respond to requests for comment.

The PIF, which until recently mainly served as a holding company for government stakes in local firms, has been beefing up its executive team amid plans to become one of the world’s largest sovereign wealth funds. It’s made a number of key appointments, including Bank of America Merrill Lynch Managing Director Alireza Zaimi to head of corporate finance and treasury, and Rashed Sharif as head of domestic investments.

Quicktake: How Saudi Arabia Is Building Its $2 Trillion Fund

Other executives hired by the PIF have already departed. Cyrille Urfer, who managed stocks, bonds and hedge funds for the fund, left after less than 18 months in the role, people familiar said in April. Jacobo Solis, who joined the fund’s global private equity unit in October 2016, is also said to have left.

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